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World - Europe Updated: March 16, 2023

European Central Bank Increases Interest Rate Amid Turmoils

By Quadri Adejumo
March 16, 2023
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The European Central Bank (ECB) has increased its interest rates by half a point amid turmoils of the banking sector.

ECB President Christine Lagarde and her colleagues raised the main refinancing rate from 3% to 3.5%, marking the second consecutive increase.

The ECB is the first major central bank to make an interest rate decision following the collapse of Silicon Valley Bank.

And also, the U.S. Federal Reserve (Fed) and Bank of England (BoE) are set to make their decisions soon.

The ECB said in a statement; “The Governing Council is monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area.

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"The euro area banking sector is resilient, with strong capital and liquidity positions."

The collapse of Silicon Valley Bank in the US has raised concerns across the banking sector, with Credit Suisse at the center of the rout in Europe.

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Quadri Adejumo

Quadri Adejumo covers World News, Health, Climate & Humanitarian.

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